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SSS 'prepared' with jobless benefits in case coronavirus bites

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ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2020/news/03/12/20170808-government-offices-sss-1.jpg?ext=.jpg"/><figcaption>Social Security System office at the one-stop center in Ali Mall, Cubao.</figcaption></figure></div>MANILA - The Social Security System is &quot;prepared&quot; to pay up to P1.2 billion in unemployment benefits in case the coronavirus pandemic triggers job losses, the finance department said Thursday.The amount assumes a worst case scenario wherein 30,000 to 60,000 jobs will be lost in the tourism, hotel and aviation sectors, the state-run pension fund for private workers said.The average unemployment benefit is about P11,000 while the maximum cash benefit is P20,000, SSS senior vice president and chief actuary Edgar Cruz said. If the computation is based on the maximum cash benefit, the total amount will reach P1.2 billion, he said.Displaced premium-paying members due to redundancy, installation of labor-saving devices, retrenchment, closure or cessation of operation, and disease or illness can avail of unemployment benefits, equivalent to a half of their average monthly salary credit, for a maximum of two months, the DOF said. At least 3 years of the minimum monthly contribution should have been paid to qualify, the agency said, adding that 12 of which should be within the last 18 months.

The Social Security System said Thursday it was "prepared" to pay up to P1.2 billion in unemployment benefits in case the coronavirus pandemic triggers job losses.

The Social Security System said Thursday it was "prepared" to pay up to P1.2 billion in unemployment benefits in case the coronavirus pandemic triggers job losses.